Since the conventional "in-person" & "social" setting is the norm, the epidemic is driving firms in the manufacturing, retail, and service sectors to reevaluate their enterprise prototypes. As a result, companies started to see the essential of integrating a larger amount of their operational procedures with cutting-edge "contactless" means of dispensing goods and services. Otherwise, they will have to choose between suspending processes until the issue is resolved and the alternative. That is the equivalent of giving those businesses the death penalty given the pandemic's current state. The need for SMEs to reconsider their enterprise strategies to get out of the current situation and analogous ones in the future is no different, if not even greater. Governments were crucial in helping SMEs weather the COVID-19 crisis by providing them with the resources they needed. Management offered quicker and more extensive assistance than they had in the years following the 2008 financial crisis. Support was provided in the form of pay subsidies, direct loans, grants, and tax deferrals to support temporary layoffs and helpers for shortened workweeks. Giving money now and verifying afterward was the rationale behind these measures, which was the correct strategy. However, SMEs must understand that these are only temporary solutions and that a digital adaptation is essential to survive the existing and upcoming challenges.
The section on "how to prepare for a digital journey" for small business owners follows a thorough explanation of "why digital transformation for SMEs." SMEs must first revamp their operational procedures, focusing on cloud, mobility, and data analytics, and integrating these technologies across their workflows. In this sense, a reliable, knowledgeable IT partner can play a critical role in helping an SME to provide outstanding value to consumers and prosper in the face of any crisis. The COVID-19 problem has made it imperative for business owners to adopt digital technologies to survive and evolve, despite the resistance of SME heads to investing in digital solutions and strategies. SMEs could study successful case studies of companies that adopted a digital strategy and enhanced their business models as they make the move to a digitally powered business. SMEs could study successful case studies of companies that adopted a digital strategy and enhanced their business models as they make the move to a digitally powered business. Small business owners should concentrate on making the most of their digital investments, not merely increasing their current investments. Owners of SMEs will benefit from improved insights, streamlined personnel operations, and improved client retention thanks to a digital operational ecosystem. Enterprise Resource Planning (ERP) platforms, which were traditionally designed only for large organizations, can also be used by SMEs. Modern, reasonably priced ERP packages tailored exclusively for SMEs are widely available on the market today as digitization becomes the norm. Investing in an ERP platform will enable SMEs to integrate their essential activities, such as HR, finance, supply chain, e-commerce, etc., paving the path for small firms to evolve into intelligent enterprises. SMEs may significantly lessen the COVID-19 era's negative effects on their businesses by having the flexibility to deliver from anywhere, at any time. We must all learn to coexist with the virus, according to the World Health Organization. Therefore, it is clear that remote work will endure for a very long time. For SMBs, adopting a digital-first business model must be their first focus in their turnaround strategy. SMBs may become more agile and adaptable through the use of technology, and it will also give them the tools they need to expand their reach and more swiftly respond to client requests. The pandemic has ensured that going digital will now be their top priority because it is directly related to their ability to live and develop, even if Indian SMBs were just beginning to see the benefits. Whether the drive comes from workforces that will prioritize working remotely, safely, and securely, or from today's customers who demand firms to offer streamlined, automated, and personalized experiences. SMBs' future will be largely determined by their capacity to modify their business models to enable rapid, continuous engagement between consumers, partners, and workers.
SMEs can gain from digitalization and digital tools, as has been demonstrated. According to a 2019 economic analysis of Singapore's first quarter, for instance, businesses that utilize digital tools saw an average 25% gain in value and a 16% rise in productivity. It has been demonstrated that SMEs can benefit from digitization and digital tools. For instance, a 2019 economic analysis of Singapore's first quarter discovered that businesses using digital tools on average boosted their value by 25% and their productivity by 16%.SMEs vary in size, industry, and expertise level, just like every other type of company. Going digital has been demonstrated to be a crucial advantage both before and after the COVID-19 issue, regardless of the differences. SMEs may cut expenses, standardize and automate company operations, and depend less on labor thanks to digitalization and digital tools. Going digital will also help SMEs compete more effectively and better understand consumer behavior. The fate of global economizing will depend on digitalization given the growth of digital economizing and the ongoing COVID-19 dilemma. The global economy will undergo a significant transformation as a result of cutting-edge advan like IoT, AI, blockchain, cloud computing, robots, 5G, and data science and the advent of contemporary digitized enterprise prototypes. Most parts of the world's economic development are based on SMEs. Digitalization of SMEs will increase their competitiveness while also having positive social effects. The digitalization of SMEs, which is the primary engine of regional economic growth and innovation, is essential for creating an equitable and sustainable economy. Digitalization strategies have recently made significant contributions to the UN's sustainable development goals, reducing income gaps, enhancing gender equality, and combating climate change by providing people with access to the resources they need to survive. The growth of governments and how their policies affect the digitalization trend are important factors as the globe continues to go digital.